The government’s finance ministry has set a new ceiling on interest rates on savings certificates where the government’s expenditure is constantly rising due to the high-interest rates on NSC.
Buy economists predicted that the banks will not benefit from this decision. But the Finance Minister AHM Mustafa Kamal said in this regard that the interest rate on savings certificates has been reduced very little.
According to a new notification from the Internal Resources Division (IRD) of the finance ministry, 11.28 per cent interest rates will still be available on 5 years savings certificates with an investment of up to Tk15 lakh, like before.
But 10.30 per cent interest will be available on investments ranging from Tk 15,0001 to Tk 30 lakh, which is 0.98 percentage points less than before. The interest rate above Tk 30 lakh will be 9.30 per cent, down by 1.98 percentage points.
Pensioners Savings Certificates will still get 11.76 per cent interest up to Tk15 lakh. This means it is down only 2.01 percentage points.
A few weeks ago, asked the banks to take into account the three-month average inflation while setting interest rates on deposits to increase the lower interest rates.
Meanwhile, the government has promised to work on banks’ beneficence, but no significant change has been made in the interest rates on savings certificates.